Form T2 Schedule 387 Manitoba Small Business Venture Capital Tax Credit (2016 and Later Tax Years) - Canada

Form T2 Schedule 387 is used in Canada for claiming the Manitoba Small Business Venture CapitalTax Credit for the tax years 2016 and later. This credit is available to small businesses in Manitoba that have issued shares to eligible investors.

The Form T2 Schedule 387 Manitoba Small Business Venture Capital Tax Credit (2016 and Later Tax Years) in Canada is filed by small businesses in Manitoba that qualify for the venture capital tax credit program.

FAQ

Q: What is Form T2 Schedule 387?A: Form T2 Schedule 387 is a tax form used in Canada to calculate the Manitoba Small Business Venture Capital Tax Credit.

Q: What is the purpose of the Manitoba Small Business Venture Capital Tax Credit?A: The purpose of the Manitoba Small Business Venture Capital Tax Credit is to encourage investment in small businesses in Manitoba.

Q: Who is eligible for the Manitoba Small Business Venture Capital Tax Credit?A: Eligible individuals and corporations who invest in eligible small businesses in Manitoba are eligible for the tax credit.

Q: What is the tax credit percentage for the Manitoba Small Business Venture Capital Tax Credit?A: The tax credit percentage for the Manitoba Small Business Venture Capital Tax Credit is 45% of the eligible investment amount.

Q: Is there a maximum amount for the Manitoba Small Business Venture Capital Tax Credit?A: Yes, the maximum amount of tax credit that can be claimed is $450,000 per tax year.

Q: Can the Manitoba Small Business Venture Capital Tax Credit be carried forward or back?A: No, the tax credit cannot be carried forward or back to other tax years.

Q: What is the deadline for filing Form T2 Schedule 387?A: The deadline for filing Form T2 Schedule 387 is the same as the deadline for filing the corporate income tax return, which is generally within six months after the tax year end.

Q: Are there any other requirements for claiming the Manitoba Small Business Venture Capital Tax Credit?A: Yes, there are additional requirements such as the need for a certificate from the Government of Manitoba and meeting certain investment criteria.